Coinbase, a bitcoin service provider, has informed about adding stop orders to its Coinbase Exchange product, providing customers with he opportunity to buy and sell the digital currency at a previously set price.
This approach is described by Coinbase as a service allowing users to protect profits while improving their experience with the exchange product. Since Coinbase launched the exchange in January 2015, the first regulated bitcoin exchange based in the U.S, it has put an increasing emphasis on the product, indicating in recent messaging that it is first and foremost an exchange product.
Coinbase’s CEO – Brian Armstrong indicated in February in a widely reported post on the internet, sharing his view that the perception that Coinbase was both a consumer wallet and an exchange product is creating issues for users.
Armstrong wrote:
“Over the next year or so, you’ll see the Coinbase brand shift from being a hybrid wallet and exchange to focusing on purely being a retail and institutional exchange. It will take some time to update, but the transition will happen.”
Now this stop loss feature is being shown as the first signal that Coinbase is seeking to publicly follow through on the statements of its CEO.
In his post, Armstrong went on to highlight that Coinbase would continue to focus primarily on its exchange product, and pointed out that customers seeking to use its services as a wallet product were likely to continue to experience frustrations.
According to the information for press, Coinbase was reporting 6,680 BTC in 24-hour volume, or about $2.8m, a figure that compares to its regulated US competitors itBit and Gemini, which saw only $1.2m and $500,000 in bitcoin exchanged over the previous day’s trading, respectively.
For any questions or recommendations, feel free to write us on hello@goforex.eu
